If you’ve ever wanted to quickly send funds to someone without jumping through hoops, Venmo is a popular option. As a mobile payment platform, you can use Venmo on your smartphone to securely send and receive funds with a few quick taps. You also don’t need a high-end device to use the service. You can easily send funds from one of thebest Android budget phones. In this guide, we go over how to set up your first Venmo account and highlight some of its core features you can check out.
What is Venmo?
Venmo is a payment platform primarily focused on the social media and mobile device aspects of the experience. You’ll mostly use your smartphone to send and receive funds, but you may also use thevenmo.comwebsite on a computer through a web browser. Although less convenient than the mobile app, you can still access your Venmo account information and funds just the same. The Venmo app is available on Android via the Google Play Store and on Apple iPhones via the iOS App Store. With support for both platforms, you can easily access Venmo regardless of your device.
Venmo started as a simple way to pay your family or friends, but it has become much more than that. Venmo is widely accepted as a primary payment option by many popular apps, online stores, and physical retail shops, just like other payment providers. you’re able to even use Venmo to pay a local business for their services, allowing you to complete the transaction quickly without a hassle. For example, they might ask you to scan a QR code with their Venmo account to finalize the transaction with a few taps.
How does Venmo compare to PayPal?
Venmo and PayPal have some similarities and are owned by the same company, but each has its specific purpose. Venmo was always considered the go-to option for repaying a friend or family member, but that’s starting to change as it expands beyond personal payments. PayPal has been one of the best ways to shop online, with support for dozens of currencies using an automatic conversion process. PayPal is accepted worldwide, while Venmo is only available to the U.S. market, limiting its user availability to one region.
Venmo and PayPal offer free money transfers without monthly fees if you have a linked bank account. Venmo payments can take three to five business days to clear using this method, while PayPal might take one to three business days. They also offer instant transfer options for sending and receiving funds, with each platform charging the same 1.75% fee for every transaction. Regarding withdrawals from your personal account, Venmo allows a $400 daily limit via the Venmo debit card. PayPal also offers the same $400 withdrawal maximum per day with their PayPal debit card.
Create your Venmo account for the first time
Before making any payments on Venmo, you must create an account, fill in your profile details using your real credentials, and then update or enable other features to fine-tune your experience. To set up your first Venmo account, do the following:
Set up your Venmo account profile details
Now that you’ve taken care of the first part of your account, it’s time to add your personal credentials for sending and receiving payments. This allows Venmo to verify you as a real human, helping fight off the spammers. At the same time, it makes it easier for other users to find your profile.
To fill in the additional details on your Venmo account, do the following:
Finish the Venmo account setup process
With your initial account and profile credentials out of the way, you must complete the final steps before getting to the Venmo homescreen. These include accepting the user agreement terms, adding a debit card, and interacting with a few app permission requests.
To get the last part of your Venmo account details taken care of, do the following:
Add or update any final Venmo account details
You’ve finally reached the Venmo homescreen. You should open your account settings and make a few changes before exploring the app. For example, your new profile can be viewed by all Venmo users since it’s set to thePublicoption by default. you may quickly change it toFriendsorPrivateif you don’t want everyone freely accessing your profile.
To customize your Venmo account settings, do the following:
Explore your new Venmo account features
Send or request your first Venmo payment
Once you set up your Venmo account to your liking and all the details are taken care of, you can make your first payment transaction. You can send, request, or gift funds to anyone, and it only takes a few taps to complete.
To get started with this on your new Venmo account, do the following:
Use Venmo for all your digital purchase needs
Since almost everything we do is from our smartphones, sending and requesting money using these devices makes perfect sense. Say you want to pay a friend for dinner, quickly complete the checkout process at a local business, or send a money gift to someone. Venmo has you covered. What once was a complicated process can now be done safely and securely with a few simple screen taps from your phone. You also have the option to customize your messages using emojis to help liven up your transactions, allowing you to make the experience even more personal.
If you use PayPal for your online purchases, you might want to learnhow to get a refund on PayPal. We walk you through the entire process, getting you that refund sooner rather than later.
